Sink Into Your Life's Soundtrack With Samsung's Galaxy Buds FE From $47
Normally $100, the Galaxy Buds FE are currently slashed by 53%, so you can get your hands on a pair for just $47 via Woot. Alternatively, You can get a pair at Walmart for slightly more -- just $61. So why would you want to pay more? Well, Walmart is offering both the white and black versions while Woot's sale is limited to the black earbuds. It's also worth noting that Woot's earbuds are the European version, so you're limited to a "vendor-backed 12-month Samsung equivalent warranty." Essentially, you need to decide if the more complicated warranty situation or a different colorway is worth $14 to you or not.
The Galaxy Buds FE are great entry-level earbuds, with an active noise cancellation feature you can turn on or off. With it on, you'll get up to six hours of listening time before needing a charge. If you opt to keep the noise canceling off, you can get over eight hours.
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One of the coolest features of the Galaxy Buds FE is the Interpreter function, which allows you to use your Galaxy phone to get real-time translations through the earbuds during face-to-face conversations. This also works when making phone calls.
Looking for something else? Check out this roundup of the best deals on wireless earbuds and headphones happening right now. And if you're after a compatible smartphone, we've got the best bargains on Samsung Galaxy S25 phones, too.
Read more: Galaxy Unpacked 2025 Live: New Samsung Phone Revealed
Why this deal matters
It's impossible to overstate how convenient wireless earbuds are, especially if you spend time on public transit or have to work in a noisy office. But not everyone wants to spend the kind of money needed to get a pair of high-end buds, meaning budget options are all the rage. $100 isn't a bad price for a pair of earbuds with ANC, but less than half that? Well, that's the kind of deal that's too good to turn down.
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Cheniere Reports Second Quarter 2025 Results and Updates Full Year 2025 Financial Guidance
HOUSTON, August 07, 2025--(BUSINESS WIRE)--Cheniere Energy, Inc. ("Cheniere") (NYSE: LNG) today announced its financial results for the second quarter 2025. SECOND QUARTER 2025 SUMMARY FINANCIAL RESULTS (in billions) Three Months EndedJune 30, 2025 Six Months EndedJune 30, 2025 Revenues $4.6 $10.1 Net Income1 $1.6 $2.0 Consolidated Adjusted EBITDA2 $1.4 $3.3 Distributable Cash Flow2 $0.9 $2.2 2025 FULL YEAR FINANCIAL GUIDANCE (in billions) 2025 Previous 2025 Revised Consolidated Adjusted EBITDA2 $6.5 - $7.0 $6.6 - $7.0 Distributable Cash Flow2 $4.1 - $4.6 $4.4 - $4.8 RECENT HIGHLIGHTS Financial During the three and six months ended June 30, 2025, Cheniere generated revenues of approximately $4.6 billion and $10.1 billion, net income1 of approximately $1.6 billion and $2.0 billion, Consolidated Adjusted EBITDA2 of approximately $1.4 billion and $3.3 billion, and Distributable Cash Flow2 of approximately $0.9 billion and $2.2 billion, respectively. Tightening full year 2025 Consolidated Adjusted EBITDA2 guidance from $6.5 billion - $7.0 billion to $6.6 billion - $7.0 billion and raising and tightening full year 2025 Distributable Cash Flow2 guidance from $4.1 billion - $4.6 billion to $4.4 billion - $4.8 billion. Capital Allocation Pursuant to Cheniere's comprehensive capital allocation plan, Cheniere deployed approximately $1.3 billion and $2.6 billion towards accretive growth, balance sheet management and shareholder returns in the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2025, Cheniere repurchased an aggregate of approximately 1.4 million and 3.0 million shares of common stock for approximately $306 million and $656 million, respectively, paid quarterly dividends of $0.500 and $1.000 per share of common stock, totaling approximately $111 million and $223 million, respectively, and in the six months ended June 30, 2025, Cheniere repaid $300 million of consolidated long-term indebtedness. In June 2025, Cheniere announced updates to its long-term company outlook, including an over 10% increase to its run-rate liquefied natural gas ("LNG") production forecast, inclusive of the CCL Midscale Trains 8 & 9 Project (defined below) and debottlenecking. Cheniere also increased and extended its committed capital allocation targets, designed to maintain investment grade credit metrics through cycles, further return capital to shareholders, and continue to invest in accretive growth, as the Company expects to generate over $25 billion of available cash3 through 2030 to reach over $25 per share of run-rate Distributable Cash Flow2. In June 2025, Cheniere declared a dividend with respect to the second quarter 2025 of $0.500 per share of common stock, which is payable on August 18, 2025. In June 2025, Cheniere announced, subject to declaration by its Board of Directors, an increase to its quarterly dividend by over 10% from $2.00 to $2.22 per common share annualized, commencing with the third quarter of 2025. Growth In June 2025, Cheniere made a positive Final Investment Decision ("FID") with respect to the CCL Midscale Trains 8 & 9 Project and issued full notice to proceed to Bechtel Energy, Inc. ("Bechtel") effective June 18, 2025. In June 2025, LNG was produced for the first time from the second train ("Train 2") of the CCL Stage 3 Project (defined below), and on August 6, 2025, substantial completion of Train 2 was achieved. In June 2025, certain subsidiaries of Cheniere Energy Partners, L.P. ("Cheniere Partners") (NYSE: CQP) updated the SPL Expansion Project's (defined below) application with the Federal Energy Regulatory Commission ("FERC") to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 million tonnes per annum ("mtpa") of LNG, inclusive of estimated debottlenecking opportunities. In July 2025, certain subsidiaries of Cheniere initiated the pre-filing review process with the FERC under the National Environmental Policy Act ("NEPA") for the CCL Stage 4 Expansion Project (defined below). Commercial In May 2025, Cheniere Marketing, LLC ("Cheniere Marketing") entered into a long-term Integrated Production Marketing ("IPM") gas supply agreement with a subsidiary of Canadian Natural Resources Limited to purchase 140,000 MMBtu per day of natural gas at a price based on the Platts Japan Korea Marker ("JKM") less fixed LNG shipping costs and a fixed liquefaction fee for a term of 15 years, which is expected to commence in 2030. The LNG associated with this gas supply, approximately 0.85 mtpa, will be marketed by Cheniere Marketing. In August 2025, Cheniere Marketing entered into a long-term LNG sale and purchase agreement ("SPA") with JERA Co., Inc. ("JERA"), under which JERA has agreed to purchase approximately 1.0 mtpa of LNG from Cheniere Marketing on a free-on-board basis from 2029 through 2050. The purchase price for LNG under the SPA is indexed to the Henry Hub price, plus a fixed liquefaction fee. CEO COMMENT "The second quarter of 2025 marked another outstanding quarter for Cheniere, as our team demonstrated its ability to execute safely, reliably and strategically throughout our business, highlighted by the positive FID of the CCL Midscale Trains 8 & 9 Project and the successful completion of our large-scale planned maintenance turnaround at Sabine Pass," said Jack Fusco, Cheniere's President and Chief Executive Officer. "Our strong financial and operational results year-to-date, coupled with our constructive outlook and visibility for the remainder of the year, have enabled us to tighten our full year 2025 Consolidated Adjusted EBITDA and Distributable Cash Flow guidance ranges. For the remainder of the year, we are focused on growing our brownfield platform, bringing online new capacity at Corpus Christi ahead of schedule and on budget, and delivering results within our upwardly revised guidance ranges." SUMMARY AND REVIEW OF FINANCIAL RESULTS (in millions, except LNG data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Change 2025 2024 % Change Revenues $ 4,641 $ 3,251 43 % $ 10,085 $ 7,504 34 % Net income1 $ 1,626 $ 880 85 % $ 1,979 $ 1,382 43 % Consolidated Adjusted EBITDA2 $ 1,416 $ 1,322 7 % $ 3,288 $ 3,095 6 % LNG exported: Number of cargoes 154 155 (1 )% 322 321 — % Volumes (TBtu) 550 553 (1 )% 1,159 1,155 — % LNG volumes loaded (TBtu) 550 552 — % 1,158 1,153 — % Net income1 increased approximately $746 million and $597 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding 2024 periods. The increases were primarily attributable to approximately $873 million and $596 million of favorable variances related to changes in fair value of our derivative instruments, including the impact of derivative instruments related to our long-term Integrated Production Marketing ("IPM") agreements (before tax and non-controlling interests) for the three and six months ended June 30, 2025, respectively, as compared to the corresponding 2024 periods. The increases were partially offset by higher provisions for income tax during both periods. Consolidated Adjusted EBITDA2 increased approximately $94 million and $193 million for the three and six months ended June 30, 2025, respectively, as compared to the corresponding 2024 periods. The increases were primarily due to higher total margins per MMBtu of LNG delivered during the 2025 periods as compared to the corresponding 2024 periods. The increases were partially offset by higher operating expenses related to planned maintenance activities at both the SPL Project (defined below) and CCL Project (defined below), as well as new capacity from the CCL Stage 3 Project, during the three months ended June 30, 2025, in addition to lower contributions from certain optimization activities related to our vessel charter portfolio during both periods. Share-based compensation expenses included in net income totaled $49 million and $105 million for the three and six months ended June 30, 2025, respectively, compared to $52 million and $92 million for the corresponding 2024 periods. Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Partners as of June 30, 2025 consisted of 100% ownership of the general partner and a 48.6% limited partner interest. BALANCE SHEET MANAGEMENT Capital Resources The table below provides a summary of our available liquidity (in millions) as of June 30, 2025: June 30, 2025 Cash and cash equivalents (1) $ 1,648 Restricted cash and cash equivalents (2) 369 Available commitments under our credit facilities: Sabine Pass Liquefaction, LLC ("SPL") Revolving Credit Facility 785 Cheniere Partners Revolving Credit Facility 1,000 Cheniere Corpus Christi Holdings, LLC ("CCH") Credit Facility 3,260 CCH Working Capital Facility 1,390 Cheniere Revolving Credit Facility 1,250 Total available commitments under our credit facilities 7,685 Total available liquidity $ 9,702 (1) $108 million of cash and cash equivalents was held by our consolidated variable interest entities ("VIEs"). (2) $40 million of restricted cash and cash equivalents was held by our consolidated VIEs. Recent Key Financial Transactions and Updates In July 2025, Cheniere Partners issued $1.0 billion aggregate principal amount of 5.550% Senior Notes due 2035, and the net proceeds, together with cash on hand, were used to redeem $1.0 billion of the aggregate principal amount of SPL's 5.875% Senior Secured Notes due 2026. In August 2025, the $1.25 billion Cheniere Revolving Credit Facility was amended and restated to extend its maturity into 2030, reduce the rate of interest and commitment fees applicable thereunder, and make certain other changes to its terms and conditions. During the six months ended June 30, 2025, SPL repaid the remaining $300 million in principal amount of its 5.625% Senior Secured Notes due 2025 with cash on hand. LIQUEFACTION PROJECTS OVERVIEW SPL Project Through Cheniere Partners, we operate liquefaction and export facilities with a total production capacity of over 30 mtpa of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the "SPL Project"). SPL Expansion Project Through Cheniere Partners, we are developing an expansion adjacent to the SPL Project with an expected total peak production capacity of up to approximately 20 mtpa of LNG (the "SPL Expansion Project"), inclusive of estimated debottlenecking opportunities. In February 2024, certain subsidiaries of Cheniere Partners submitted an application to the FERC for authorization to site, construct, and operate the SPL Expansion Project, as well as an application to the Department of Energy ("DOE") requesting authorization to export LNG to Free-Trade Agreement ("FTA") and non-FTA countries, both of which applications exclude debottlenecking. In October 2024, we received authorization from the DOE to export LNG to FTA countries. In June 2025, the SPL Expansion Project's FERC application was updated to reflect a two-phased project, inclusive of three liquefaction trains and supporting infrastructure, maintaining an expected total peak production capacity of up to approximately 20 mtpa of LNG, inclusive of estimated debottlenecking opportunities. CCL Project We operate liquefaction and export facilities with a total production capacity of over 18 mtpa of LNG at the Corpus Christi LNG terminal near Corpus Christi, Texas (the "CCL Project"), inclusive of Trains 1 and 2 of the CCL Stage 3 Project. CCL Stage 3 Project We are constructing an expansion adjacent to the CCL Project consisting of seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG (the "CCL Stage 3 Project"), including approximately 3 mtpa in operation and over 7 mtpa under construction. Substantial Completion was achieved for the first train of the CCL Stage 3 Project in March 2025, and substantial completion of Train 2 was achieved in August 2025. CCL Stage 3 Project Progress as of June 30, 2025: CCL Stage 3 Project Project Status Under Construction / Commissioning Project Completion Percentage 86.7%(1) Expected Substantial Completion 2H 2025 - 2H 2026 (1) Engineering 98.9% complete, procurement 99.8% complete, subcontract work 91.6% complete and construction 64.9% complete. CCL Midscale Trains 8 & 9 Project We are constructing an expansion adjacent to the CCL Stage 3 Project consisting of two additional midscale Trains with an expected total production capacity of approximately 5 mtpa of LNG (the "CCL Midscale Trains 8 & 9 Project"), inclusive of estimated debottlenecking opportunities. In June 2025, our Board of Directors made a positive FID with respect to the CCL Midscale Trains 8 & 9 Project and debottlenecking, and full notice to proceed was issued to Bechtel effective June 18, 2025. CCL Stage 4 Expansion Project We are developing an expansion adjacent to the CCL Project with an expected total peak production capacity of up to approximately 24 mtpa of LNG, inclusive of estimated debottlenecking opportunities (the "CCL Stage 4 Expansion Project"). In July 2025, certain of our subsidiaries initiated the pre-filing review process with the FERC with respect to the CCL Stage 4 Expansion Project. INVESTOR CONFERENCE CALL AND WEBCAST We will host a conference call to discuss our financial and operating results for the second quarter 2025 on Thursday, August 7, 2025, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at Following the call, an archived recording will be made available on our website. ________________ 1 Net income as used herein refers to Net income attributable to Cheniere Energy, Inc. on our Consolidated Statements of Operations. 2 Non-GAAP financial measure. See "Reconciliation of Non-GAAP Measures" for further details. 3 Forecast as of June 24, 2025 and subject to change based upon, among other things, changes in commodity prices over time. About Cheniere Cheniere Energy, Inc. is the leading producer and exporter of LNG in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with a total combined production capacity of approximately 49 mtpa of LNG in operation and an additional over 12 mtpa of expected production capacity under construction, inclusive of estimated debottlenecking opportunities. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, Dubai and Washington, D.C. For additional information, please refer to the Cheniere website at and Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission. Use of Non-GAAP Financial Measures In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains non-GAAP financial measures. Consolidated Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated. Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis. Forward-Looking Statements This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third-parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to Cheniere's capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan, and (viii) statements relating to our goals, commitments and strategies in relation to environmental matters. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements. (Financial Tables and Supplementary Information Follow) LNG VOLUME SUMMARY As of August 1, 2025, approximately 4,220 cumulative LNG cargoes totaling approximately 290 million tonnes of LNG have been produced, loaded and exported from our liquefaction projects. During the three and six months ended June 30, 2025, we exported 550 and 1,159 TBtu, respectively, of LNG from our liquefaction projects. 32 TBtu of LNG exported from our liquefaction projects and sold on a delivered basis was in transit as of June 30, 2025, none of which was related to commissioning activities. The following table summarizes the volumes of LNG that were loaded from our liquefaction projects and for which the financial impact was recognized on our Consolidated Financial Statements during the three and six months ended June 30, 2025: Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 (in TBtu) Operational Commissioning Total Operational Commissioning Total Volumes loaded during the current period 550 — 550 1,152 6 1,158 Volumes loaded during the prior period but recognized during the current period 32 1 33 39 — 39 Less: volumes loaded during the current period and in transit at the end of the period (32 ) — (32 ) (32 ) — (32 ) Total volumes recognized in the current period 550 1 551 1,159 6 1,165 In addition, during the three and six months ended June 30, 2025, we recognized 8 and 15 TBtu, respectively, of LNG on our Consolidated Financial Statements related to LNG cargoes sourced from third-parties. Cheniere Energy, Inc. Consolidated Statements of Operations (in millions, except per share data)(1) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues LNG revenues $ 4,515 $ 3,042 $ 9,820 $ 7,079 Regasification revenues 34 34 68 68 Other revenues 92 175 197 357 Total revenues 4,641 3,251 10,085 7,504 Operating costs and expenses Cost of sales (excluding operating and maintenance expense and depreciation, amortization and accretion expense shown separately below) (2) 1,117 784 4,688 3,020 Operating and maintenance expense 559 463 1,032 914 Selling, general and administrative expense 99 99 215 200 Depreciation, amortization and accretion expense 329 304 641 606 Other operating costs and expenses 7 13 18 22 Total operating costs and expenses 2,111 1,663 6,594 4,762 Income from operations 2,530 1,588 3,491 2,742 Other income (expense) Interest expense, net of capitalized interest (237 ) (257 ) (466 ) (523 ) Loss on modification or extinguishment of debt — (9 ) — (9 ) Interest and dividend income 31 47 68 108 Other income (expense), net (1 ) 3 19 2 Total other expense (207 ) (216 ) (379 ) (422 ) Income before income taxes and non-controlling interests 2,323 1,372 3,112 2,320 Less: income tax provision 426 210 547 319 Net income 1,897 1,162 2,565 2,001 Less: net income attributable to non-controlling interests 271 282 586 619 Net income attributable to Cheniere $ 1,626 $ 880 $ 1,979 $ 1,382 Net income per share attributable to common stockholders—basic (1) $ 7.32 $ 3.85 $ 8.87 $ 5.97 Net income per share attributable to common stockholders—diluted (1) $ 7.30 $ 3.84 $ 8.85 $ 5.96 Weighted average number of common shares outstanding—basic 221.8 228.4 222.6 231.3 Weighted average number of common shares outstanding—diluted 222.3 228.9 223.2 231.9 ________________ (1) Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission. (2) Cost of sales includes approximately $1.4 billion and $0.7 billion of gains from changes in the fair value of commodity derivatives prior to contractual delivery or termination during the three and six months ended June 30, 2025, respectively, as compared to $0.7 billion and $0.4 billion of gains in the corresponding 2024 periods, respectively. Cheniere Energy, Inc. Consolidated Balance Sheets (in millions, except share data)(1)(2) (unaudited) June 30, December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $ 1,648 $ 2,638 Restricted cash and cash equivalents 369 552 Trade and other receivables, net of current expected credit losses 761 727 Inventory 482 501 Current derivative assets 147 155 Margin deposits 150 128 Other current assets, net 147 100 Total current assets 3,704 4,801 Property, plant and equipment, net of accumulated depreciation 34,829 33,552 Operating lease assets 2,776 2,684 Derivative assets 2,236 1,903 Deferred tax assets 18 19 Other non-current assets, net 1,015 899 Total assets $ 44,578 $ 43,858 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 161 $ 171 Accrued liabilities 1,492 2,179 Current debt, net of unamortized discount and debt issuance costs 609 351 Deferred revenue 145 163 Current operating lease liabilities 562 592 Current derivative liabilities 706 902 Other current liabilities 100 83 Total current liabilities 3,775 4,441 Long-term debt, net of unamortized discount and debt issuance costs 22,012 22,554 Operating lease liabilities 2,216 2,090 Derivative liabilities 1,621 1,865 Deferred tax liabilities 2,307 1,856 Other non-current liabilities 1,338 992 Total liabilities 33,269 33,798 Redeemable non-controlling interest 58 7 Stockholders' equity Preferred stock: $0.0001 par value, 5.0 million shares authorized, none issued — — Common stock: $0.003 par value, 480.0 million shares authorized; 279.2 million shares and 278.7 million shares issued at June 30, 2025 and December 31, 2024, respectively 1 1 Treasury stock: 57.7 million shares and 54.7 million shares at June 30, 2025 and December 31, 2024, respectively, at cost (6,798 ) (6,136 ) Additional paid-in-capital 4,483 4,452 Retained earnings 9,021 7,382 Total Cheniere stockholders' equity 6,707 5,699 Non-controlling interests 4,544 4,354 Total stockholders' equity 11,251 10,053 Total liabilities, redeemable non-controlling interest and stockholders' equity $ 44,578 $ 43,858 ________________ (1) Please refer to the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission. (2) Amounts presented include balances held by our consolidated VIEs, substantially all of which are related to Cheniere Partners. As of June 30, 2025, total assets and liabilities of our VIEs, which are included in our Consolidated Balance Sheets, were $16.7 billion and $17.2 billion, respectively, including $108 million of cash and cash equivalents and $40 million of restricted cash and cash equivalents. Reconciliation of Non-GAAP MeasuresRegulation G Reconciliations Consolidated Adjusted EBITDA The following table reconciles our Consolidated Adjusted EBITDA to U.S. GAAP results for the three and six months ended June 30, 2025 and 2024 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income attributable to Cheniere $ 1,626 $ 880 $ 1,979 $ 1,382 Net income attributable to non-controlling interests 271 282 586 619 Income tax provision 426 210 547 319 Interest expense, net of capitalized interest 237 257 466 523 Loss on modification or extinguishment of debt — 9 — 9 Interest and dividend income (31 ) (47 ) (68 ) (108 ) Other expense (income), net 1 (3 ) (19 ) (2 ) Income from operations $ 2,530 $ 1,588 $ 3,491 $ 2,742 Adjustments to reconcile income from operations to Consolidated Adjusted EBITDA: Depreciation, amortization and accretion expense 329 304 641 606 Gain from changes in fair value of commodity and foreign exchange ("FX") derivatives, net (1) (1,479 ) (606 ) (917 ) (321 ) Total non-cash compensation expense 35 33 72 65 Other operating costs and expenses 1 3 1 3 Consolidated Adjusted EBITDA $ 1,416 $ 1,322 $ 3,288 $ 3,095 ________________ (1) Change in fair value of commodity and FX derivatives prior to contractual delivery or termination Consolidated Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our Consolidated Financial Statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Consolidated Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. We believe Consolidated Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management's evaluation of financial and operating performance. Consolidated Adjusted EBITDA is calculated by taking net income attributable to Cheniere before net income attributable to non-controlling interests, interest expense, net of capitalized interest, taxes, depreciation, amortization and accretion expense, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense, gain or loss on disposal of assets, changes in the fair value of our commodity and FX derivatives prior to contractual delivery or termination, and non-cash compensation expense. The change in fair value of commodity and FX derivatives is considered in determining Consolidated Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management's own evaluation of performance. Consolidated Adjusted EBITDA and Distributable Cash Flow The following table reconciles our actual Consolidated Adjusted EBITDA and Distributable Cash Flow to Net income attributable to Cheniere for the three and six months ended June 30, 2025 and forecast amounts for full year 2025 (in billions): Three MonthsEnded June 30, Six MonthsEnded June 30, Full Year 2025 2025 2025 Net income attributable to Cheniere $ 1.63 $ 1.98 $ 3.1 - $ 3.4 Net income attributable to non-controlling interests 0.27 0.59 1.2 - 1.2 Income tax provision 0.43 0.55 0.9 - 1.0 Interest expense, net of capitalized interest 0.24 0.47 0.9 - 0.9 Depreciation, amortization and accretion expense 0.33 0.64 1.3 - 1.3 Other income, financing costs, and certain non-cash operating expenses (1.47 ) (0.93 ) (0.8 ) - (0.7 ) Consolidated Adjusted EBITDA $ 1.42 $ 3.29 $ 6.6 - $ 7.0 Interest expense, net of interest income, capitalized interest and amortization (0.19 ) (0.35 ) (0.8 ) - (0.8 ) Maintenance capital expenditures (0.06 ) (0.09 ) (0.2 ) - (0.2 ) Income tax (excludes deferred taxes)(1) (0.02 ) (0.11 ) (0.1 ) - 0.0 Other income (expense) (0.02 ) (0.06 ) (0.1 ) - (0.1 ) Consolidated Distributable Cash Flow $ 1.13 $ 2.68 $ 5.4 - $ 6.0 Distributable Cash Flow attributable to non-controlling interests (0.20 ) (0.48 ) (1.0 ) - (1.2 ) Cheniere Distributable Cash Flow $ 0.92 $ 2.19 $ 4.4 - $ 4.8 ________________ Note: Totals may not sum due to rounding. (1) Our cash tax payments are subject to commodity and market volatility, regulatory changes and other factors which could significantly impact both the timing and amount of our future cash tax payments. Our 2025 full year Distributable Cash Flow guidance reflects current tax law and does not consider any prospective changes to local, domestic or international tax laws and regulations, or their interpretation and application. Our actual results could differ materially from our guidance due to such risks, uncertainties and other factors, including those set forth in Risk Factors or as disclosed under Operating Cash Flows in Sources and Uses of Cash within Liquidity and Capital Resources of the Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025 and Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission. Distributable Cash Flow is defined as cash generated from the operations of Cheniere and its subsidiaries and adjusted for non-controlling interests. The Distributable Cash Flow of Cheniere's subsidiaries is calculated by taking the subsidiaries' EBITDA less interest expense, net of capitalized interest, taxes, maintenance capital expenditures and other non-operating income or expense items, and adjusting for the effect of certain non-cash items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, amortization of debt issue costs, premiums or discounts, impairment of equity method investment and deferred taxes. Cheniere's Distributable Cash Flow includes 100% of the Distributable Cash Flow of Cheniere's wholly-owned subsidiaries. For subsidiaries with non-controlling investors, our share of Distributable Cash Flow is calculated as the Distributable Cash Flow of the subsidiary reduced by the economic interest of the non-controlling investors as if 100% of the Distributable Cash Flow were distributed in order to reflect our ownership interests and our incentive distribution rights, if applicable. The Distributable Cash Flow attributable to non-controlling interests is calculated in the same method as Distributions to non-controlling interests as presented on our Consolidated Statements of Stockholders' Equity (Deficit) in our Forms 10-Q and Forms 10-K filed with the Securities and Exchange Commission. This amount may differ from the actual distributions paid to non-controlling investors by the subsidiary for a particular period. We believe Distributable Cash Flow is a useful performance measure for management, investors and other users of our financial information to evaluate our performance and to measure and estimate the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be considered for deployment by our Board of Directors pursuant to our capital allocation plan, such as by way of common stock dividends, stock repurchases, retirement of debt, or expansion capital expenditures1. Distributable Cash Flow is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies. ________________ 1 Capital spending for our business consists primarily of: Maintenance capital expenditures. These expenditures include costs which qualify for capitalization that are required to sustain property, plant and equipment reliability and safety and to address environmental or other regulatory requirements rather than to generate incremental distributable cash flow; and Expansion capital expenditures. These expenditures are undertaken primarily to generate incremental distributable cash flow and include investment in accretive organic growth, acquisition or construction of additional complementary assets to grow our business, along with expenditures to enhance the productivity and efficiency of our existing facilities. View source version on Contacts Cheniere Energy, Randy Bhatia, 713-375-5479Frances Smith, 713-375-5753Media Relations Randy Bhatia, 713-375-5479Bernardo Fallas, 713-375-5593 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Parker Reports Fiscal 2025 Fourth Quarter and Full Year Results
Outstanding Q4 Contributes to Record Year; Forecasting Growth in FY26 CLEVELAND, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter and fiscal year ended June 30, 2025, that included the following highlights (compared with the prior year period):Sales were a record $5.2 billion; organic sales growth was 2% Net income was $923 million, an increase of 18%, or $992 million adjusted, an increase of 12% EPS were $7.15, an increase of 19%, or a record $7.69 adjusted, an increase of 14% Segment operating margin was 23.9%, an increase of 170 bps, or 26.9% adjusted, an increase of 160 bps Repurchased $851 million of shares Announced agreement to acquire Curtis Instruments, Inc., expanding electrification offeringSales were $19.9 billion; organic sales growth was 1% Net income was $3.5 billion, an increase of 24%, or $3.6 billion adjusted, an increase of 7% EPS were $27.12, an increase of 24%, or a record $27.33 adjusted, an increase of 7% EBITDA margin was 27.3%, an increase of 210 bps, or 26.4% adjusted, an increase of 80 bps Segment operating margin was 23.0%, an increase of 150 bps, or a record 26.1% adjusted, an increase of 120 bps Cash flow from operations increased 12% to $3.8 billion, or 19.0% of sales Repurchased $1.6 billion of shares 'Our outstanding performance contributed to a record year for safety, engagement, earnings per share, margins and cash flow,' said Jenny Parmentier, Chairman and Chief Executive Officer. 'Delivering strong margin expansion and earnings growth in a dynamic macro environment is a testament to the resilience of our portfolio and the power of our business system, The Win Strategy™. We generated full year cash flow of $3.8 billion and through balanced capital deployment, increased our quarterly cash dividend by 10 percent, repurchased $1.6 billion of shares, and announced an agreement to acquire Curtis Instruments to expand our electrification offering. Thanks to our global team for another record year and the continued transformation of Parker. 'Looking ahead to fiscal year 2026, we expect Aerospace to remain our fastest growing business and see a return to positive organic growth in our Industrial businesses. We remain committed to being great generators and deployers of cash to drive shareholder value and look forward to another excellent year powered by our people and our business system.' This news release contains non-GAAP financial measures. Reconciliations of adjusted numbers and certain non-GAAP financial measures are included in the financial tables of this press release. Outlook Parker issued guidance for the fiscal year ending June 30, 2026. The company expects: Sales growth in fiscal 2026 of 2% to 5%, with organic sales growth of approximately 3% at the midpoint; previously completed divestitures of 1% and favorable currency of 1.5% Total segment operating margin of 23.3% to 23.7%, or 26.3% to 26.7% on an adjusted basis EPS of $24.68 to $25.68, or $28.40 to $29.40 on an adjusted basis Segment Results Diversified Industrial Segment North America Businesses $ in mm FY25 Q4 FY24 Q4 Change Organic Growth Sales $ 2,075 $ 2,229 -6.9 % -1.4 % Segment Operating Income $ 513 $ 505 1.6 % Segment Operating Margin 24.7 % 22.7 % 200 bps Adjusted Segment Operating Income $ 555 $ 558 -0.5 % Adjusted Segment Operating Margin 26.7 % 25.0 % 170 bps Achieved record adjusted segment operating margin Gradual broad-based improvement across market verticals Order rates positive for third consecutive quarter International Businesses $ in mm FY25 Q4 FY24 Q4 Change Organic Growth Sales $ 1,492 $ 1,430 4.3 % 0.6 % Segment Operating Income $ 334 $ 312 7.1 % Segment Operating Margin 22.4 % 21.8 % 60 bps Adjusted Segment Operating Income $ 369 $ 342 7.9 % Adjusted Segment Operating Margin 24.7 % 23.9 % 80 bps Achieved record adjusted segment operating margin Organic growth turned positive in the quarter with 6% APAC; (3%) EMEA; 4% LA Order rates flat on tougher prior year comparison Fiscal 2025 third quarter included large long-cycle orders Aerospace Systems Segment $ in mm FY25 Q4 FY24 Q4 Change Organic Growth Sales $ 1,676 $ 1,528 9.7 % 8.6 % Segment Operating Income $ 407 $ 332 22.6 % Segment Operating Margin 24.3 % 21.7 % 260 bps Adjusted Segment Operating Income $ 486 $ 415 17.1 % Adjusted Segment Operating Margin 29.0 % 27.1 % 190 bps Achieved record sales on continued aftermarket strength Delivered record adjusted segment operating margin Aerospace backlog increased to a record $7.4 billion Order Rates FY25 Q4 Parker +5 % Diversified Industrial Segment - North America Businesses +2 % Diversified Industrial Segment - International Businesses 0 % Aerospace Systems Segment +12 % Parker order rates remain strong at 5% reflecting our transformed portfolio Industrial Segment order rates remain positive in a dynamic environment Aerospace order rates up 12% driven by continued strength in both commercial and defense About Parker HannifinParker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at or @parkerhannifin. Contacts: Media: Financial Analysts: Aidan Gormley Jeff Miller 216-896-3258 216-896-2708 Notice of Webcast Parker Hannifin's conference call and slide presentation to discuss its fiscal 2025 fourth quarter and full year results are available to all interested parties via live webcast today at 11:00 a.m. ET, at A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit Note on Orders The company reported orders for the quarter ending June 30, 2025, compared with the same quarter a year ago. All comparisons are at constant currency exchange rates, with the prior year quarter restated to the current-year rates, and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations. Note on Non-GAAP Financial MeasuresThis press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted segment operating margin for Parker and by segment; (d) adjusted segment operating income for Parker and by segment; (e) organic sales growth; (f) EBITDA margin and (g) adjusted EBITDA margin. The adjusted net income, adjusted earnings per share, adjusted segment operating margin, adjusted segment operating income, organic sales growth, EBITDA margin and adjusted EBITDA margin measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Although adjusted net income, adjusted earnings per share, adjusted segment operating margin, adjusted segment operating income, organic sales growth, EBITDA margin and adjusted EBITDA margin are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating the results of this quarter versus the prior period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release. Forward-Looking StatementsForward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as 'anticipates,' 'believes,' 'may,' 'should,' 'could,' 'expects,' 'targets,' 'is likely,' 'will,' or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from expectations, including those based on past performance. Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions, including the acquisition of Curtis Instruments, Inc.; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker's Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC. CONSOLIDATED STATEMENT OF INCOME Three Months Ended Twelve Months Ended (Unaudited) June 30, June 30, (In millions, except per share amounts) 2025 2024 2025 2024 Net sales $ 5,243 $ 5,187 $ 19,850 $ 19,930 Cost of sales 3,285 3,323 12,535 12,802 Selling, general and administrative expenses 839 818 3,255 3,315 Interest expense 99 119 409 506 Other income, net (51 ) (59 ) (456 ) (288 ) Income before income taxes 1,071 986 4,107 3,595 Income taxes 148 201 575 750 Net income 923 785 3,532 2,845 Less: Noncontrolling interests — — 1 1 Net income attributable to common shareholders $ 923 $ 785 $ 3,531 $ 2,844 Earnings per share attributable to common shareholders: Basic $ 7.25 $ 6.10 $ 27.52 $ 22.13 Diluted $ 7.15 $ 6.01 $ 27.12 $ 21.84 Weighted average shares outstanding: Basic 127.2 128.6 128.3 128.5 Diluted 129.0 130.6 130.2 130.2 Cash dividends per common share $ 1.80 $ 1.63 $ 6.69 $ 6.07 BUSINESS SEGMENT INFORMATION Three Months Ended Twelve Months Ended (Unaudited) June 30, June 30, (Dollars in millions) 2025 2024 2025 2024 Net sales Diversified Industrial $ 3,567 $ 3,659 $ 13,665 $ 14,458 Aerospace Systems 1,676 1,528 6,185 5,472 Total net sales $ 5,243 $ 5,187 $ 19,850 $ 19,930 Segment operating income Diversified Industrial $ 847 $ 817 $ 3,120 $ 3,176 Aerospace Systems 407 332 1,441 1,111 Total segment operating income 1,254 1,149 4,561 4,287 Corporate general and administrative expenses 65 56 214 218 Income before interest expense and other expense (income), net 1,189 1,093 4,347 4,069 Interest expense 99 119 409 506 Other expense (income), net 19 (12 ) (169 ) (32 ) Income before income taxes $ 1,071 $ 986 $ 4,107 $ 3,595 SUPPLEMENTAL FINANCIAL INFORMATION AND NON-GAAP RECONCILIATIONS ADJUSTED SEGMENT OPERATING INCOME AND ORGANIC SALES GROWTH RECONCILIATION Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Diversified Industrial Segment Aerospace Systems Segment Diversified Industrial Segment Aerospace Systems Segment (Unaudited)(Dollars in millions) North America Int'l Total Total North America Int'l Total Total Net sales $ 2,075 $ 1,492 $ 3,567 $ 1,676 $ 5,243 $ 2,229 $ 1,430 $ 3,659 $ 1,528 $ 5,187 Segment operating income $ 513 $ 334 $ 847 $ 407 $ 1,254 $ 505 $ 312 $ 817 $ 332 $ 1,149 Adjustments: Amortization of acquired intangibles 41 23 64 75 139 42 22 64 75 139 Business realignment charges 2 12 14 — 14 10 8 18 — 18 Integration costs to achieve (1 ) — (1 ) 4 3 1 — 1 8 9 Adjusted segment operating income $ 555 $ 369 $ 924 $ 486 $ 1,410 $ 558 $ 342 $ 900 $ 415 $ 1,315 Segment operating margin 24.7 % 22.4 % 23.7 % 24.3 % 23.9 % 22.7 % 21.8 % 22.3 % 21.7 % 22.2 % Adjusted segment operating margin 26.7 % 24.7 % 25.9 % 29.0 % 26.9 % 25.0 % 23.9 % 24.6 % 27.1 % 25.3 % Reported sales growth (6.9 )% 4.3 % (2.5 )% 9.7 % 1.1 % Currency (0.3 )% 3.7 % 1.3 % 1.1 % 1.2 % Divestitures (5.2 )% — % (3.1 )% — % (2.2 )% Organic sales growth (1.4 )% 0.6 % (0.7 )% 8.6 % 2.1 % Twelve Months Ended June 30, 2025 Twelve Months Ended June 30, 2024 Diversified Industrial Segment Aerospace Systems Segment Diversified Industrial Segment Aerospace Systems Segment (Unaudited)(Dollars in millions) North America Int'l Total Total North America Int'l Total Total Net sales $ 8,134 $ 5,531 $ 13,665 $ 6,185 $ 19,850 $ 8,801 $ 5,657 $ 14,458 $ 5,472 $ 19,930 Segment operating income $ 1,891 $ 1,229 $ 3,120 $ 1,441 $ 4,561 $ 1,963 $ 1,213 $ 3,176 $ 1,111 $ 4,287 Adjustments: Amortization of acquired intangibles 165 88 253 300 553 176 90 266 312 578 Business realignment charges 15 38 53 — 53 19 32 51 — 51 Integration costs to achieve 2 1 3 19 22 3 1 4 34 38 Adjusted segment operating income $ 2,073 $ 1,356 $ 3,429 $ 1,760 $ 5,189 $ 2,161 $ 1,336 $ 3,497 $ 1,457 $ 4,954 Segment operating margin 23.2 % 22.2 % 22.8 % 23.3 % 23.0 % 22.3 % 21.4 % 22.0 % 20.3 % 21.5 % Adjusted segment operating margin 25.5 % 24.5 % 25.1 % 28.5 % 26.1 % 24.6 % 23.6 % 24.2 % 26.6 % 24.9 % Reported sales growth (7.6 )% (2.2 )% (5.5 )% 13.0 % (0.4 )% Currency (0.5 )% (0.3 )% (0.5 )% 0.4 % (0.2 )% Divestitures (3.4 )% — % (2.0 )% — % (1.5 )% Organic sales growth (3.7 )% (1.9 )% (3.0 )% 12.6 % 1.3 % DIVERSIFIED INDUSTRIAL INTERNATIONAL BUSINESSES - ORGANIC SALES GROWTH SUPPLEMENT Three Months Ended June 30, 2025 Twelve Months Ended June 30, 2025 (Unaudited) Europe Asia Pacific Latin America Total Europe Asia Pacific Latin America Total Reported sales growth 3.0 % 6.9 % — % 4.3 % (5.3 )% 2.3 % (2.2 )% (2.2 )% Currency 6.2 % 1.3 % (3.8 )% 3.7 % 1.3 % (1.1 )% (11.5 )% (0.3 )% Organic sales growth (3.2 )% 5.6 % 3.8 % 0.6 % (6.6 )% 3.4 % 9.3 % (1.9 )%ADJUSTED NET INCOME1AND ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION Three Months Ended June 30, Twelve Months Ended June 30, (Unaudited) 2025 2024 2025 2024 (Dollars in millions, except per share amounts) Net Income1 Diluted EPS Net Income1 Diluted EPS Net Income1 Diluted EPS Net Income1 Diluted EPS As reported $ 923 $ 7.15 $ 785 $ 6.01 $ 3,531 $ 27.12 $ 2,844 $ 21.84 Adjustments: Amortization of acquired intangibles 139 1.08 139 1.07 553 4.25 578 4.43 Business realignment charges 16 0.12 18 0.13 56 0.43 54 0.40 Integration costs to achieve 3 0.03 9 0.07 22 0.17 38 0.30 Gain on sale of buildings (14 ) (0.10 ) — — (24 ) (0.18 ) — — Gain on divestitures (2 ) (0.02 ) — — (252 ) (1.94 ) (26 ) (0.20 ) Saegertown incident — — — — 8 0.06 — — Tax effect of adjustments2 (38 ) (0.30 ) (40 ) (0.30 ) (120 ) (0.93 ) (148 ) (1.12 ) Discrete tax benefits3 (35 ) (0.27 ) (27 ) (0.21 ) (215 ) (1.65 ) (27 ) (0.21 ) As adjusted $ 992 $ 7.69 $ 884 $ 6.77 $ 3,559 $ 27.33 $ 3,313 $ 25.44 1Represents net income attributable to common shareholders. 2This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. 3Fiscal year 2025 relates to a deferred tax adjustment and release of a tax valuation allowance. Fiscal year 2024 reflects a Swiss tax law change which resulted in the recording of a deferred tax EBITDA RECONCILIATION (Unaudited) Three Months Ended June 30, Twelve Months Ended June 30, (Dollars in millions) 2025 2024 2025 2024 Net sales $ 5,243 $ 5,187 $ 19,850 $ 19,930 Net income $ 923 $ 785 $ 3,532 $ 2,845 Income taxes 148 201 575 750 Depreciation 91 91 354 349 Amortization 139 139 553 578 Interest expense 99 119 409 506 EBITDA 1,400 1,335 5,423 5,028 Adjustments: Business realignment charges 16 18 56 54 Integration costs to achieve 3 9 22 38 Gain on sale of buildings (14 ) — (24 ) — Gain on divestitures (2 ) — (252 ) (26 ) Saegertown incident — — 8 — Adjusted EBITDA $ 1,403 $ 1,362 $ 5,233 $ 5,094 EBITDA margin 26.7 % 25.8 % 27.3 % 25.2 % Adjusted EBITDA margin 26.8 % 26.3 % 26.4 % 25.6 %CONSOLIDATED BALANCE SHEET (Unaudited) June 30, June 30, (Dollars in millions) 2025 2024 Assets Current assets: Cash and cash equivalents $ 467 $ 422 Trade accounts receivable, net 2,910 2,866 Non-trade and notes receivable 318 331 Inventories 2,839 2,787 Prepaid expenses 263 253 Other current assets 153 140 Total current assets 6,950 6,799 Property, plant and equipment, net 2,937 2,876 Deferred income taxes 270 93 Other assets 1,269 1,207 Intangible assets, net 7,374 7,816 Goodwill 10,694 10,507 Total assets $ 29,494 $ 29,298 Liabilities and equity Current liabilities: Notes payable and long-term debt payable within one year $ 1,791 $ 3,403 Accounts payable, trade 2,126 1,992 Accrued payrolls and other compensation 587 581 Accrued domestic and foreign taxes 382 355 Other accrued liabilities 933 982 Total current liabilities 5,819 7,313 Long-term debt 7,494 7,157 Pensions and other postretirement benefits 267 437 Deferred income taxes 1,490 1,584 Other liabilities 733 726 Shareholders' equity 13,682 12,072 Noncontrolling interests 9 9 Total liabilities and equity $ 29,494 $ 29,298 CONSOLIDATED STATEMENT OF CASH FLOWS Twelve Months Ended (Unaudited) June 30, (Dollars in millions) 2025 2024 Cash flows from operating activities: Net income $ 3,532 $ 2,845 Depreciation and amortization 907 927 Stock incentive plan compensation 159 155 Gain on sale of businesses (253 ) (24 ) (Gain) loss on property, plant and equipment and intangible assets (20 ) 12 Net change in receivables, inventories and trade payables 31 (28 ) Net change in other assets and liabilities (336 ) (517 ) Other, net (244 ) 14 Net cash provided by operating activities 3,776 3,384 Cash flows from investing activities: Capital expenditures (435 ) (400 ) Proceeds from property, plant and equipment 32 9 Proceeds from sale of businesses 623 78 Other, net 4 15 Net cash provided by (used in) investing activities 224 (298 ) Cash flows from financing activities: Net payments for common stock activity (1,762 ) (328 ) Acquisition of noncontrolling interests — (3 ) Net payments for debt (1,354 ) (2,002 ) Dividends paid (861 ) (782 ) Net cash used in financing activities (3,977 ) (3,115 ) Effect of exchange rate changes on cash 22 (24 ) Net increase (decrease) in cash and cash equivalents 45 (53 ) Cash and cash equivalents at beginning of year 422 475 Cash and cash equivalents at end of period $ 467 $ 422 RECONCILIATION OF FORECASTED SALES GROWTH TO ORGANIC SALES GROWTH (Unaudited) (Amounts in percentages) Fiscal Year 2026 Forecasted net sales 2.0% to 5.0% Adjustments: Currency ~(1.5)% Divestitures ~1.0% Adjusted forecasted net sales 1.5% to 4.5% RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO ADJUSTED FORECASTED SEGMENT OPERATING MARGIN (Unaudited) (Amounts in percentages) Fiscal Year 2026 Forecasted segment operating margin 23.3% to 23.7% Adjustments: Business realignment charges ~0.3% Amortization of acquired intangibles ~2.7% Adjusted forecasted segment operating margin 26.3% to 26.7% RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE (Unaudited) (Amounts in dollars) Fiscal Year 2026 Forecasted earnings per diluted share $24.68 to $25.68 Adjustments: Business realignment charges 0.54 Amortization of acquired intangibles 4.26 Tax effect of adjustments1 (1.08) Adjusted forecasted earnings per diluted share $28.40 to $29.40 1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. Note: Totals may not foot due to roundingError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
